A new survey has revealed more than a quarter of people thought they would still have to hold down a job beyond the current State Pension age.
Aegon asked a panel of 700 consumers from 18 to 64 to reflect on aspects of life that might influence their financial well-being at age 70, such as work, health and caring responsibilities.
The survey revealed that more than one in four people (26.9%) thought they would be working either full or part time at age 70, with women (24.5%) slightly less likely than men (27.5%) to think they would, despite them living longer on average.
The results suggested a move away from the tradition of women retiring at 60 and men at 65.
The study also showed that 45.8% of people believed they would still be fit and healthy enough to work if they chose to carry on working into their seventies.
Other highlights from the survey included:
• 50.1% believe they will be fit and healthy enough to enjoy their retirement fully
• 65.7% believe they will be physically active at 70
• 62.6% believe they will be mentally agile at 70
• 73.5% are confident they will be financially stable at 70
Nearly one fifth of people (19.5%) thought they would still be financially supporting family when they are 70 and an additional 21.8% were unsure.
This suggested the ‘bank of mum and dad’ will be a feature of an increasing number of septuagenarians, Aegon said.
Steven Cameron, pensions director at Aegon, said: “Being prepared for later life isn’t just about the amount you have in your pension, although a healthy pension pot certainly helps.
“There are other influences to consider when it comes to financial well-being.
“You can’t predict what life will have in store at age 70, but considering your future in terms of work, health and caring responsibilities will help build a realistic picture of what you should prepare for financially.
“It’s clear that people no longer expect to retire at as early an age as their parents, and the state pension age is not the defining retirement moment at which they stop work.
“For some, working beyond the past traditional retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs.
“However, it’s risky to plan on working indefinitely with no fall back plan.
Aegon undertook the survey to mark the NHS celebrating its 70th anniversary.